Enhanced odds provide fantastic value and are an increasingly popular option for punters signing up for an online betting account.
Bookmakers select high profile televised sports events and generally offer a massive boost to the normal price on one of the selections. In the case of football matches, boxing matches and other head to head events, enhanced odds may be available for both selections. There have even been times when bookmakers, such as Coral, have offered 25/1 for a near certainty. For example, at least one corner in the cup final.
Enhanced odds are provided as an alternative to regular sign up offers and are therefore limited to new customers opening an account during the promotion period. There are limits on the amount that can be staked which vary depending on how much of a boost there is to the normal price. In most instances, the extra winnings from enhanced odds are provided as free bets so punters receive cash winnings at the normal price and a bunch of free bets to use on other sporting events. Sometimes, all the returns are paid as free bets.
The English domestic football season is usually the best time for enhanced odds offers which are available most weekends for live Sky Sports and BT Sport games. However, punters can avail of enhanced odds on horse racing at major meetings, championship boxing matches, tennis Grand Slams, golf Majors, politics and reality television competitions such as X Factor and Strictly Come Dancing.
Sign up offers are a great way to boost your prize pot so how do enhanced odds compare with the usual welcome deals?
From the point of view of matched betting, free bets from enhanced odds offers can be converted to cash profit in the usual way by placing opposing lay bets on a betting exchange. This will typically provide £8 profit for every £10 free bet stake received.
The first important point to consider is the possibility that the enhanced odds selection will lose and the stake will be lost. There may be occasions when new customers will be compensated for backing a loser with a free bet but in the main, the value of enhanced odds offers comes from the extra winnings which can be expected to provide more free bets than the standard welcome offer.
Betfair, Coral and Ladbrokes regularly offer Enhanced Odds for new customers which can be used as an alternative to their normal welcome offers. Other companies offer Enhanced Odds but not as often. These offers are short lived since they focus on one specific event.
You will also find Double Odds and Treble Odds offers for new and existing customers that also pay the extra winnings in free bets. When using such offers you need to make allowance for the free bet in order to calculate the ideal lay stakes.
The matched betting calculator has an “Enhanced odds as free bets” setting which produces the ideal lay stakes, assuming you will retain 80% of the free bet value.
Simply select the option and provide the normal odds available with the bookmaker and the enhanced odds, both in decimal format. Enter the Back Stake and Lay Odds as normal and the calculator will do the rest.
Here’s an example – 25/1 Manchester United to win.
The max stake is £1 and the normal odds 1.7. The lay odds on the exchange are 1.75
- Select “Enhanced odds a free bets” on the calculator
- Enter the normal odds in “Back Odds” field
- Enter the stake in “Back Stake” field
- Enter the Enhanced Odds in decimal format in “Enhanced Odds” field
- Enter lay odds in “Lay Odds” field
If the bet loses, your profit is in the betting exchange’
If the bet wins, you’ll make a loss on the cash transactions but will have some free bets which allow you to make a profit from the offer once used.
Converting Fractional Odds to Decimal Odds
Enhanced odds offers are normally promoted as fractional odds in which case you need to convert them to decimal.
Fractional odds are displayed with winnings above the line (numerator) and the stake required below the line (denominator).
Fractional odds of 2/1 will win 2 units for every 1 unit staked.
Fractional odds of 7/2 will win 7 units for every 2 units staked.
To convert fractional odds to decimal, simply divide the numerator by the denominator and add 1 to account for the stake being returned.
Using the 7/2 example, 7 divided by 2 = 3.50 and add 1 = 4.50 in decimal odds.
If a bookmaker offers treble odds, simply multiply the winnings by 3 to obtain the enhanced odds value.
Using decimal odds, deduct 1 from the decimal, multiply the result by 3 and add 1
In the example of 4.50, to calculate treble odds:
Deduct 1 from 4.50 = 3.50
Multiply 3.5 by 3 = 10.5
Add 10.5 + 1 = 11.5
The new decimal odds are 11.50
Double odds works the same as treble odds except you multiply the winnings by 2.
Using decimal odds, deduct 1 from the decimal, multiply the result by 2 and add 1
In the example of 4.50, to calculate double odds:
Deduct 1 from 4.50 = 3.50
Multiply 3.5 by 2 = 7
Add 7 + 1 = 8
The new decimal odds are 8.00